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(Alliance News) - Informa PLC on Thursday more than doubled the scope of its share buyback programme following "robust" trading, which is expected to deliver at the upper end of full-year guidance.
The London-based business publisher and events organiser scaled up its buyback programme to GBP725 million from GBP300 million, saying this is expected to see the company maintain the current level of buybacks through to year-end.
The decision follows the divestment of its Pharma Intelligence division to private equity firm Warburg Pincus for GBP1.7 billion along and a 15% stake in the division moving forward.
The move on shareholder returns also came as trading in the first five months of 2022 has been "robust", with underlying revenue growth of more than 40%.
It noted improving growth for its Academic Markets segment and continued momentum in its B2B Digital Services division. As a result, Informa said it is on track to deliver at the upper end of full-year guidance for both revenue and adjusted operating profit.
Informa expects revenue between GBP2.15 billion to GBP2.25 billion, with adjusted operating profit between GBP470 million to GBP490 million.
Looking forward, Chief Executive Stephen Carter welcomed the news that mainland China has begun its progressive reopening, but said that the company would "monitor broader market fluctuations and macro volatility".
Shares in Informa were up 2.7% at 526.60 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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